New car news

11 March 2009 - 00:00

Supercars going cheap

See the cars on offer at Pickles.

We realise cold hard cash is as hard to find as a leprechaun riding a unicorn at the moment, but it's time to smash the piggy bank, win lotto or blow up an ATM - erm, maybe not that last one.

Expensive shiny cars are being repossessed from their over-exposed, cash-strapped owners in record numbers as the financial crisis hits the country's elite money men, which means bargains for under-exposed plebs, like us.

Finance companies are sending out leather-clad henchmen in record numbers to repossess the expensive toys, before handing the keys to auction houses to offload the cars in fire sales.

Take Pickles Auctions, for example. The Sydney-based auction house has more than $2 million in repossessed Ferraris, Astons and Porsches to offload.

And the savings are staggering; A Fezza 599 sells for more than $650,000, but is expected to fetch just $450,000 at auction. Apart from the super, super supercars, the auction houses are also stuffed with slightly more `normal' supercars, including Mercedes AMGs and BMW M3s.

And apparently Ferrari is the most commonly repossessed brand.  So get shopping, TG fans. Every cloud has a silver lining and all that...

See the cars on offer at Pickles